D.C. Hotel Sells for Hefty Price Tag
- Sep 08, 2015
Apartment communities and office buildings aren’t the only properties to change hands for big money in the Greater Washington area. Recently, a large hotel in the region sold for more than $100 million.
Geller Investment Co. is now the new owner of the 470-key Washington Marriott Georgetown at 1221 22nd St. NW. The Chicago-based company purchased the hotel from Boston-based Rockpoint Group LLC for $113 million, or $240,425 per room, the Washington Business Journal reported.
Located between Georgetown and Dupont Circle, the Washington Marriott Georgetown offers 462 guest rooms and eight suites on nine floors, as well as 12,000 square feet of meeting space and many amenities, including a fitness center and concierge desk. The hotel’s rooms were last renovated in 2007, while its lobby was recently transformed into a new great room. Geller did not disclose its immediate plans for the property.
The sale of the Washington Marriott Georgetown is no surprise, and neither is the large price Geller paid to acquire the property. In recent months, the Washington, D.C. area has registered several important hotel transactions and, by the looks of it, it has no intention of slowing down. The sale of the St. Regis Washington, D.C. and RLJ Lodging Trust’s acquisition of the Hyatt Place DC/Downtown/K Street are just some of the deals that have closed so far this year. A joint venture between Red Lion Hotels Corp. and an affiliate of Shelbourne Capital also expects to close the purchase of the Quincy in mid-October.
Photo credit: Marriott